You have seen this four bedroom house and the location is perfect but you cannot afford it. You can only afford a smaller house. That should not be a problem if you really want this house; you can make money out of it, too.
Why a Bigger House?
Bigger houses are not always in the league of McMansions and bigger houses are not always equated with fancier or pretentious ‘palaces’. A big house to an average homebuyer may just have four bedrooms not 16 bedrooms. If you are fazed by the term big houses, stop awhile and check the houses out. It might be something you need for a growing family or for the visiting in-laws or friends.
Young married couples usually start out on a small house and plan to get a bigger one when the babies start coming. This is a practical approach considering the upkeep of a bigger home. But if you take into account the erratic highs and lows of real estate; it is smarter to get a bigger house now while the going is hot for buyers. Ten years from now, you might not be able to afford a big house in a nice location. Ten years from now, the ‘babies’ will want their own rooms real fast. Why not get one now?
People are put off from buying bigger houses because of the higher cost of upkeep and maintenance. A larger house needs more furniture and furnishings and uses up more electricity. If these deter you from getting a bigger house, then take the proposition from another angle. You can rent half of the house or take in boarders and put the money towards your monthly mortgage. If you have the entire half of the house rented out, utility bills and maintenance expenses are split, sparing you unnecessary expenses.
Space is valuable, so make most of that big house if you are going to get one. Make money out of that house so consider a big house an investment not a liability. With more people looking for rooms-for-rent, a bigger house is your ticket to start your own business and a home, to boot. On your side of the coin, you have more space anytime you want to spread out.
With prices slight lower these days, bigger homes are becoming affordable. As long as it isn’t an ocean-view house or high-rise with a view, you can definitely afford it. The best way to find your dream house is to enlist the help of a realtor who has a list of real properties for sale. The advantage of having a realtor work for you is getting someone who knows the real estate market and who will help get a good deal for you because you can’t rely on the seller’s realtor to give you advise
Take the Time to Shop
If you haven’t found your dream house yet, don’t fret. A realtor will always have a languishing home in his list and if the price is right and the house is in good condition, you have a deal because the seller is already desperate to unload his property at a reasonable price.
Article by Hank Ericson, a Realtor that focuses on Lansdale PA Homes & North Wales PA Homes.